JPMorgan Chase has appointed its current China head Zili Shao as the new vice-chairman of Asia Pacific business.
Shao will step down from his post following an investigation by the US Department of Justice (DoJ) and Securities and Exchange Commission (SEC) into the bank’s alleged hiring practices in China.
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Until a suitable replacement is found, Shao will continue to act as the China head, a role he has been serving for almost five years.
In his new role, Shao will report to Nicolas Aguzin, head of Asia-Pacific, and will oversee regional projects and advising the bank’s management in Asia on China issues.
Aguzin in a memo told colleagues that Zili in his new role will advise the Asia leadership team on matters relating to China, remain on the boards of certain legal entities and joint ventures in China, and take on regional projects to support the firm’s growth in Asia Pacific.
